Vedder Price is pleased to announce that it represented Wintrust Commercial Finance as lead arranger on a $90 million term loan facility for a national transportation and logistics company. Proceeds from the facility, which includes a $40 million accordion feature, will be used to finance rolling stock to expand and grow the company’s fleet.

The Vedder Price team included Shareholder Edward K. Gross and Associate Erich Dylus, both of the Global Transportation Finance Group, and Shareholder Marc L. Klyman, of the Capital Markets Group.

“We appreciate having had the opportunity to assist Wintrust Commercial Finance with the various aspects of this facility,” said Mr. Gross. “Our team worked collaboratively with theirs to structure, document, coordinate and close the transaction, and ultimately to achieve the parties’ various objectives.”

^{Wintrust Commercial Finance is a division of Wintrust Asset Finance Inc.}

Vedder Price is pleased to announce that Andrew B. Harris has joined Vedder Price as a Partner in the Finance & Transactions group in London and has been appointed as the European Head of Private Equity and Corporate.

Mr. Harris focuses on private equity and private M&A transactions. He has considerable experience in share and asset purchases, disposals/exits, MBOs, MBIs, buy and builds, joint ventures and restructurings, and acts for private equity firms, entrepreneurs and high-net-worth individuals, as well as portfolio companies and management teams.

“Andrew extends Vedder Price’s ability to deliver excellent, commercially focused advice and support for our valued clients in Europe,” said Michael A. Nemeroff, President and CEO of Vedder Price. “His transactional and private equity practice slots in well with the strategic focus for the firm and aligns with our strategic vision to grow our practice and relationships in London.”

“Vedder provides a natural platform to not only give greater support and expertise to my private equity, corporate and individual clients, but also to work directly with our Global Finance, Leverage Finance and Employment teams here in the UK as well,” said Mr. Harris. “I’m thrilled to play a role in strengthening our Private Equity practice and look forward to collaborating with our clients and my new partners and colleagues.”

“This was the right time for the firm to expand on our transactional capabilities out of the London office based on market demand and the success of our attorneys there,” said Douglas M. Hambleton, Vedder Price Operating Shareholder. “Andrew possesses first class credentials and a real enthusiasm. He is a recognized leader in his field and will enhance our UK based corporate group.”

Mr. Harris joins Vedder Price from Arnold & Porter. He had previously served as London Managing Partner and Head of the London Private Equity and Corporate practice at Kaye Scholer LLP before its merger with Arnold & Porter. He earned his master’s degree in law from Queens’ College, Cambridge where he was awarded a scholarship for outstanding achievement and won the Clive Parry Prize for International Law. He is qualified in England and Wales.

Chicago Shareholder Juan Arciniegas and London Partner Sam Tyfield published the article, “Brexit But Not Broken: US & UK Efforts in Continuity for Global Derivatives Markets” in the May issue of The Investment Lawyer. The article discusses ongoing efforts to reach agreement on the details of recognition by the European Union (EU) of UK-based trading venues in the event of the UK’s exit from the EU, especially as it would affect global derivatives markets. In the article, Arciniegas and Tyfield convincingly assert that “If ‘fortress Europe’ becomes a reality, the EU’s financial markets will become isolated—protected from overseas competition but isolated ….”

The article opens by reporting on a February 25, 2019 joint press conference held by Commodities Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, the Governor of the Bank of England, and the head of the UK’s Financial Conduct Authority. The authors state that during the press conference, Chairman Giancarlo gave a “mea culpa and apologia” for his previously expressed views that were considered by many as an over-expansive assertion of the CFTC’s jurisdiction on swaps by US traders and other jurisdictions already committed to implementing G-20 swaps reforms. The authors detail Chairman Giancarlo’s newly proposed principles for CFTC regulation of overseas swaps, and they state that this renewed position by the CFTC “was a clear plea to his counterparts in the EU for a pragmatic approach to recognition of UK clearinghouses after Brexit.”

The recent statements by Chairman Giancarlo, the authors state, raise a number of questions relating to the lack of recognition by the EU of UK-based trading venues. Arciniegas and Tyfield discuss a March 7, 2019 Public Statement by the pan-European financial services regulator, ESMA, in which EMSA indicated that it found no evidence “that market participants will not be able to continue meeting their obligations under the trading obligations for derivatives in the case of a no-deal Brexit ….” The authors go on to question EMSA’s position: “Does ESMA believe that it needs to take no action to protect market and contract continuity in relation to the trading obligation in a ‘no-deal’ Brexit?”

The article looks for guidance from the historical relationship between the EU and Switzerland of “mutual recognition of rules,” and asks how the EU would be able deny similar recognition to the UK post-Brexit. Although the authors note the growing importance of Asian markets and participants, they do not specifically discuss the effect of the Asian market on the possible “no-deal Brexit.”

In the article, the authors argue that a “myopic view” toward global markets by the EU could ultimately be bad for the EU, bad for the US and UK, and bad for derivatives markets globally. “A ‘no-deal’ Brexit will be a catastrophe in many ways for the UK and the EU and may precipitate a recession and years of economic and political uncertainty,” Arciniegas and Tyfield conclude.

Please join us for our annual look forward to the year ahead in employment law. The roundtable discussion will be hosted by Vedder Price’s employment solicitors, who will discuss the “hot topics” for employers in 2019, and how best to prepare for them.

Our session will be an interactive and practical discussion, to include:

Brexit: Implications for Employers

Practical Steps for Employers Concerning Non-Disclosure Agreements, "Gagging Clauses" and Investigations

2019 Legal Roundup: Key Developments on HR's Radar

Event Details

Wednesday 19 June | 18:00 - 20:00 (GMT)

Vedder Price Offices | London, United Kingdom
4 Coleman Street 
London EC2R 5AR

Refreshments to follow.

Who should attend: This event is intended for in-house counsel and human resource professionals.

CPD Credit

This program will be submitted for review, once our agenda is finalized.

To learn more about other 2019 Vedder Works seminars and webinars, please click here.

Please join us at the following session designed for in-house counsel and human resource professionals, led by the Labor & Employment attorneys of Vedder Price. At this complimentary session, we will discuss important legal updates and labor and employment best practices.

Event Details

Wednesday, October 23 | 8:30 a.m. - 12:00 p.m. (ET)

Newseum | Washington, DC
555 Pennsylvania Ave NW, Washington, DC 20001

Breakfast provided; Lunch to follow from 12:00 p.m. - 1:00 p.m.

Who should attend: This event is intended for in-house counsel and human resource professionals.

Agenda Topics

**Program topics to be confirmed at a later date.**

CLE & HRCI Credit

Vedder Price is an accredited CLE provider in California, Illinois, and New York; and, when possible, a sponsor in Virginia.

This program will be submitted to the HR Certification Institute for review, once our agenda is finalized.

To learn more about other 2019 Vedder Works seminars and webinars, please click here.